Exploratory investments: Germany eyeing Balochistan Gold and Copper Project

Friday, January 11th, 2013 3:30:26 by

QUETTA: Germany has evinced keen interest to invest in the Balochistan Gold and Copper project. The German envoy Dr Cyrill Nunn said, “Being a trading nation, we intend to invest in the Balochistan Gold and Copper project.”

During his maiden visit to Quetta, the envoy met with Governor of Balochistan Nawab Zulfiqar Ali Magsi, Minister for Mines and Minerals Mir Abdul Rehman Mengal and other officials to learn the rules, terms and conditions, expectations and relevant laws before committing a sizable amount of investment in the region.

Terming subject of protection to the foreign entrepreneurs in Balochistan an important issue, Nunn said maintaining law and order situation and provision of security to international companies intending to invest in the region will definitely be very basic questions and matter of concern.

The infamous Reko Diq project is in a long-running dispute between Tethyan Copper Company and the Balochistan government over the right to develop the .3 billion copper-gold deposit.

The Reko Diq site was expected to produce about 200,000 tons of copper and 250,000 ounces of gold annually, if developed, and would have marked the largest foreign direct investment into Pakistan mining sector and a major investment in Balochistan.

“Vast prospects of investment exist in various sectors of Balochistan, therefore German and other international investors should reap benefits from these opportunities,” said Nunn.

The envoy termed the German-funded Merck pharmaceutical company as a success story in Balochistan and emphasised that Germany had impressive experience with its pharmaceutical operations in Balochistan, however he asked the relevant authorities to provide a favourable environment so that it can continue to work smoothly in the future.

Bilateral trade stood at .3 billion in 2012, which was 10% higher than the previous year. Nunn stressed that the two countries were in coordinating and working on lines to increase the current volume of trade besides enhancing bilateral cooperation in various fields.

Published in The Express Tribune, January 11th, 2013.

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